Sou Hu Cai Jing·2025-09-01 03:24Core Viewpoint - Li Auto's Q3 performance guidance is significantly below market expectations, raising concerns about its future growth prospects [1][3]. Financial Performance - In Q2 2025, Li Auto reported revenue of 30.2 billion yuan, a year-on-year decrease of 4.5% but a quarter-on-quarter increase of 16.7% [3]. - The net profit for Q2 was 1.1 billion yuan, showing a slight year-on-year decline of 0.4% but a substantial quarter-on-quarter increase of 69.6% [3]. - For the first half of 2025, total revenue was 56.172 billion yuan, down 2% year-on-year, while net profit increased by 3% to 1.744 billion yuan [3]. Vehicle Sales - Li Auto delivered 204,000 vehicles in the first half of 2025, marking a year-on-year growth of 7.9% [3]. - The vehicle sales revenue for the first half was 53.564 billion yuan, a year-on-year decrease of 1.8% [3]. Cash Reserves - As of the end of Q2 2025, Li Auto's cash reserves stood at 106.9 billion yuan, indicating a strong liquidity position [3]. Q3 Guidance - For Q3 2025, Li Auto expects vehicle sales to be between 90,000 and 95,000 units, representing a year-on-year decline of 41.1% to 37.8% [3]. - The projected revenue for Q3 is estimated to be between 24.8 billion and 26.2 billion yuan, reflecting a year-on-year decrease of 42.1% to 38.8% [3]. Market Context - In July 2025, Li Auto's sales were 30,700 units, down 39.74% year-on-year and 15.29% month-on-month [4]. - The CEO of Li Auto emphasized the need for faster technology and product updates to remain competitive in the market [4].